Investment Rating - The report maintains an "Outperform" rating for the PCB industry [2]. Core Insights - The industry is entering a new AI-driven cycle, fundamentally changing demand structures. The construction of AI server clusters is leading to simultaneous upgrades in PCB demand and pricing. The expected market for wired communication PCBs will reach 206.9 billion RMB by 2027, with a CAGR of 20% over the next two years [4]. - High-end PCBs are expected to remain in tight supply until 2027, with major global manufacturers expanding production aggressively. The combined output of 13 leading PCB manufacturers is projected to reach 186 billion RMB by 2027, with a CAGR of 54% from 2025 to 2027 [4]. - The trend towards high-end PCB manufacturing is accelerating due to technological iterations and material upgrades. The industry is expected to see a three-pronged evolution in materials, processes, and architectures driven by AI [4]. - The demand surge and profit improvement in upstream materials present opportunities for domestic substitution. The price of copper-clad laminates has risen significantly, and domestic manufacturers are making notable progress in high-end materials [4]. - The PCB industry is experiencing a long-term trend of simultaneous growth in volume, price, and structure, driven by AI. The report recommends focusing on leading companies with high-end manufacturing capabilities and overseas delivery layouts [4]. Summary by Sections AI-Driven Growth - The AI cycle is expected to drive significant growth in PCB demand, particularly in AI servers, high-speed switches, and optical modules. The total market for wired communication PCBs is projected to reach 1,433 billion RMB by 2025 and 1,815 billion RMB by 2026 [19]. Production Capacity Expansion - Major PCB manufacturers are announcing aggressive expansion plans, with significant investments in new production facilities in Southeast Asia and domestic high-end capacity [15]. Technological Advancements - The report highlights the rapid adoption of mSAP technology in AI servers and switches, which is essential for meeting the demands of high-density signal transmission [4][21]. Market Dynamics - The report notes that the global PCB market is expected to face a supply-demand gap of nearly 20 billion RMB by 2026, although this gap is anticipated to narrow by 2027 [19]. Key Players - The report identifies leading companies such as Huada Technology, Jingwang Electronics, and Shenghong Technology as key players to watch in the PCB industry due to their high-end manufacturing capabilities and strategic expansion plans [4].

证券日报网讯 11月28日晚间，世运电路发布公告称，本次减持计划实施前，公司股东新豪国际集团有 限公司（以下简称"新豪国际"）持有广东世运电路科技股份有限公司（以下简称"公司"或"世运电路"） 144，990，107股，占公司总股本的20.12%。近日，公司收到新豪国际出具的《关于减持计划时间届满 暨减持结果的告知函》。截至2025年11月28日，新豪国际已通过大宗交易方式累计减持公司股份110， 000股，占公司当前股份总数的0.0153%。鉴于2025年11月29日、11月30日为非交易日，本次减持计划 的实际可交易期限已于2025年11月28日届满。 （文章来源：证券日报） ...

格隆汇11月28日丨世运电路(603920.SH)公布，近日，公司收到新豪国际出具的《关于减持计划时间届 满暨减持结果的告知函》。截至2025年11月28日，新豪国际已通过大宗交易方式累计减持公司股份11万 股，占公司当前股份总数的0.0153%。鉴于2025年11月29日、11月30日为非交易日，本次减持计划的实 际可交易期限已于2025年11月28日届满。 ...

Group 1 - The core point of the article is that Shiyun Circuit (SH 603920) announced the completion of a share reduction plan by New Hao International, which has reduced its holdings by 110,000 shares, accounting for 0.0153% of the company's total shares as of November 28, 2025 [1] - For the fiscal year 2024, Shiyun Circuit's revenue composition is reported to be 94.07% from the printed circuit board industry and 5.93% from other businesses [1] - As of the report date, Shiyun Circuit has a market capitalization of 29.4 billion yuan [1]

股东减持股份计划时间届满暨减持结果的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股东持股的基本情况 本次减持计划实施前，公司股东新豪国际集团有限公司（以下简称"新豪国 际"）持有广东世运电路科技股份有限公司（以下简称"公司"或"世运电路"） 144,990,107 股，占公司总股本的 20.12%。上述股份来源于公司首次公开发行股 票前持有的股份及上市后以资本公积金转增股本方式取得的股份，均为无限售条 件流通股。 2025 年 8 月 9 日，公司披露了《世运电路股东减持股份计划公告》（公告 编号：2025-057），新豪国际出于业务发展需要，拟自减持计划公告之日起 15 个交易日后的三个月内（即 2025 年 9 月 1 日起至 2025 年 11 月 30 日止）通过集 中竞价和大宗交易方式减持所持有的公司股份合计不超过 21,617,769 股，即不 超过公司总股本的 3.00%。其中：拟通过集中竞价方式减持不超过 7,205,923 股 公司股份，即不超过公司总股本的 1.00%，拟 ...

证券代码：603920 证券简称：世运电路 公告编号：2025-089 广东世运电路科技股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 具体情况如下： 注：公司与上述受托方不存在关联关系。 二、截至本公告披露日，公司使用闲置募集资金进行现金管理尚未到期的 金额为50,000万元。 特此公告。 广东世运电路科技股份有限公司董事会 2025 年 11 月 28 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广东世运电路科技股份有限公司（以下简称"本公司"或"公司"）于 2025 年 4 月 15 日召开了第五届董事会第三次会议和第五届监事会第三次会议，审议 通过了《关于使用部分闲置募集资金进行现金管理的议案》，同意公司使用最高 不超过人民币 110,000 万元的暂时闲置募集资金进行现金管理，主要用于购买安 全性高、流动性好、保本型约定存款或理财产品，且产品不得用于质押，单项投 资产品期限不超过 12 个月，决议有效期自公司董事会审议通过之日起 12 个月内 有效，公司可在上述额度及期限内滚动使用投资额度。 ...

Group 1 - The company has established a technological layout in the field of Solid State Transformers (SST) [1] - The SST products are primarily applied in two high-growth strategic areas: data center energy storage and renewable energy storage [1] - The related products have successfully been introduced to commercial downstream customers and are capable of mass production [1]

Core Viewpoint - The collaboration between the company and Xiaopeng has deepened since 2019, focusing on various technological developments in the automotive sector, particularly in high-voltage architecture and intelligent driving systems [1] Company Collaboration - The company has been working closely with Xiaopeng since 2019, starting from the vehicle's three electric systems to body control and central control domains [1] - In the 2025 semi-annual report, it was highlighted that both parties are jointly developing an 800V high-voltage architecture embedded new project [1] Product Development - The collaboration has led to the mass production of several key projects, including intelligent cockpit domain controllers and three electric systems [1] - The company has secured a project for the high-performance Thor chip for intelligent driving domain controllers, along with the production of intelligent driving vision COB camera circuit boards and perception laser radar and millimeter-wave radar circuit boards [1] - Additional projects include the HSP thermal grease circuit board for third-generation power semiconductor devices and semi-rigid flexible circuit boards, all achieving mass production and delivery [1] Robotics Sector - The company is a major supplier of circuit boards for Xiaopeng's humanoid robots, maintaining a long-term cooperative relationship based on shared technology [1] - Humanoid robots, as a new application of AI, share multiple core technology architectures with new energy vehicles, including high-performance central control, three electric systems, and intelligent perception [1] - The company has developed targeted technological reserves in the robotics field, including core products such as dexterous hands, joint drive control boards, and visual perception module circuit boards [1] - The production lines are equipped to adapt to robotic products, meeting the full process requirements from sample validation to mass delivery for downstream customers [1]

Core Viewpoint - The company plans to invest 1.5 billion yuan in the construction of a new generation PCB manufacturing base project named "Chip Innovation Smart Carrier," which has received recognition from major automotive OEMs and is expected to commence production in the second half of 2026 [1] Group 1: Investment and Project Development - The investment amount for the "Chip Innovation Smart Carrier" project is set at 1.5 billion yuan [1] - The project involves "chip-embedded PCB packaging technology," which has gained acceptance from several mainstream automotive manufacturers and OEMs [1] - Production for the project is anticipated to start in the second half of 2026 [1] Group 2: Corporate Governance and Compensation - The chairman of the company does not receive a salary, while other non-independent directors receive compensation based on their administrative roles [1] - Independent directors receive director allowances [1] - Compensation details for directors and senior management will be disclosed in the 2025 annual report, as relevant directors are newly appointed in 2025 [1] - The company has established an internal incentive system to enhance management's motivation and accountability, with plans to consider stock incentives at an appropriate time [1]

Core Viewpoint - The company, Shiyun Circuit (603920), is a major supplier of circuit boards for Xiaopeng humanoid robots, emphasizing a long-term cooperative relationship based on shared technology with its clients [1] Group 1: Company Positioning - The company has developed targeted technological reserves in the robotics field, including core products such as dexterous hands, joint drive control boards, and visual perception module circuit boards [1] - The production lines are equipped with flexible manufacturing conditions suitable for robotic products, enabling the company to meet downstream customer needs from sample validation to mass delivery [1] Group 2: Industry Context - Humanoid robots represent a new terminal application of AI, sharing multiple core technological architectures with the new energy vehicle sector, including high-performance central domain control, three-electric systems, and intelligent perception [1]